Lebanese Pound Just Rose Against The Dollar As Hopes For New Gov’t Are High

Reuters | AFP

Fluctuating with the ongoing drama of Lebanese politicians, the Lebanese pound positively rose against the dollar amid hopes for a new government to soon be formed.

For some days, the lira was trading at a stable 7,800 LL after taking a dip when President Aoun abruptly postponed the parliamentary consultations for a premier.

On Tuesday, however, hope for a government was restored when it became clear that former Prime Minister Saad Hariri was most likely to be designated PM by Thursday.

This caused the Lebanese Lira to rise against the dollar and trade at 7,450 LL on the black market, with market exchangers selling the dollar for 7,500 LL and buying for 7,400 LL.

The nomination of Hariri is hyped up to be Lebanon’s only chance at survival and improving the current low point and gaining international support.

When top civil servants want to bring back someone who resigned just a year ago, for no better alternative, it’s crystal clear that Lebanon has hit rock bottom.